YES Bank investors richer by 8% in minutes post Q4; Sensex rallies 212 points
YES Bank investors richer by 8% in minutes post Q4; Sensex rallies 212 points
Sensex today: The benchmark indices settled higher on Thursday, boosted by private lenders after YES Bank's fourth-quarter profit came in above estimates, but gains were capped as broader sentiment was subdued on the day of expiry of derivatives contracts. The Sensex ended at 34,713.60, up 0.62 per cent, while the broader Nifty50 closed at 10,617.80, up 0.45 per cent. Both the indices marked their highest close since February 5.
YES Bank share price rallied 8 per cent to settle at Rs 352.05 after the private lender reported a rise of 29 per cent in standalone net profit at Rs 1,179.44 crore in the March quarter, 2017-18. The bank had logged a net profit of Rs 914.12 crore during January-March of 2016-17.
Overseas, World markets remained edgy on Thursday, with shares eking out gains amid concern over the global economic outlook and with US bond yields at four-year highs after breaking above the psychologically significant 3 percent line this week.
Investors will be watching the European Central Bank later for clues on when it will signal an end-date for its 2.55 trillion euro ($3.2 trillion) asset-buying program.
Equities enjoyed strong gains in South Korea, where electronics conglomerate and key tech bellwether Samsung posted record quarterly profits, while Japan’s Nikkei added 0.5 per cent.
On Wednesday, the US Dow Jones benchmark snapped a five-day losing streak thanks to more strong corporate earnings. While the Nasdaq tech index fell again, it could benefit from a strong after-market rise in Facebook which posted forecast-beating results.
Equity futures were tipping Nasdaq to open 0.4 per cent higher while the other two indexes are seen only marginally higher.
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Anand James, Chief Market Strategist, Geojit Financial Services
Market surged in the closing hours of the F&O expiry day led by private banks on account of earnings positivity. IT stocks continued the positive momentum but PSU banks continued to be major laggards. Global markets were mixed ahead of the ECB interest rate decision scheduled today but the earnings positivity in the US kept the investors interested despite further rise in crude price and soaring bond yields.
Sectoral trend at close
Source: NSE
Markets at Close
The Sensex settled at 34,712, up 212 points, while the broader Nifty50 ended at 10,617, up 47 points.
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Reacting to investors' query on the sharp fall in the stock, the company said it is not aware of reason of sudden decrease in price of equity share of the company today. "The Company would further like to assure its investors, shareholders and other stakeholders that the fundamentals of the Company remain strong and it continues to move ahead on the growth path," it said.
Sensex Heatmap
Source: BSE
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Markets at Open
At 9:18 am, the Sensex was trading at 34,532, up 31.68 points, while the broader Nifty50 was ruling at 10,586, up 15.95 points. In the broader market, the BSE Midcap and the BSE Smallcap indices gained 0.3 per cent each.
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Wipro (Sell)Target: Rs 278Stoploss: Rs 289
- Q4 earnings remained weak.
- Consolidated profit came in at Rs 1800 crore against 2100 crore expectations
- Insolvency provisioning for two big clients
- EBIT margin came in at 14.4% from 16.7% expectations
Rs 10,000 turned into Rs 39 lakh; this super mutibagger surged 38,000%, should you buy?
This Hyderabad-based company has just received a buy recommendation from a leading brokerage, which sees up to 38 per cent upside on the stock in next 12 months. The stock has rewarded the investors to a great deal by surging a whopping 38,000 per cent in the last ten years and still holds promising medium to long-term potential. Alluri Indra Kumar-owned Avanti Feeds, a manufacturer and seller of prawns and fish feeds, is indeed a multibagger, or rather a super multibagger. The stock has rallied as much as 38392 per cent in the last ten years from Rs 7 in 2008 to Rs 2468 now. By comparison, the benchmark Sensex has risen at a piffling rate in comparison, at 107 per cent!
Edelweiss Investment Research initiated coverage on Avanti Feeds with a ‘BUY’ recommendation and a target price of Rs 3,306.
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Stocks in News
- Cadila Healthcare: Gets US FDA’s approval for methylprednisolone tablets and cinacalcet hydrochloride tablets.
- Shah Alloys : Co. signed a settlement pact with ARCIL.
- Bharti Infratel, Indus Towers to merge, create world's 2nd largest tower firm.
- Mahindra Finance Q4 net profit rises 80 pc to Rs 500 crORE.
- Sterlite Technologies reported a rise of 73.53% in net profit to Rs 119.16 crore in Q4 Vs. Rs 68.67 crore in Q4 2017.
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Weak global cues coupled with profit booking and caution ahead of the April derivatives expiry pulled the key Indian equity indices lower on Wednesday.
According to market observers, a weak rupee, along with recent surge in crude oil prices and heavy selling in banking, consumer durables and capital goods stocks weighed heavy on the key indices.
Index-wise, the wider Nifty50 on the National Stock Exchange closed at 10,570.55 points, down 43.80 points or 0.41 per cent from the previous close.
Similarly, the barometer 30-scrip Sensitive Index (Sensex) of the BSE closed in the red. It opened at 34,593.17 points, closed at 34,501.27 points, down 115.37 points or 0.33 per cent.
The Sensex touched a high of 34,631.27 points and a low of 34,400.56 points during the day. The BSE market breadth was bearish with 1,794 declines and 867 advances. Market breadth on the NSE too was bearish on Wednesday.
In the broader market segment, the S&P BSE mid-cap index closed lower by 0.52 per cent and the small-cap index by 0.72 per cent.
Source: IANS
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